Territory Stories

Annual Report 2021–2022, Power and Water Corporation

Details:

Title

Annual Report 2021–2022, Power and Water Corporation

Other title

Tabled Paper 708

Collection

Tabled Papers for 14th Assembly 2020 -; Tabled Papers; ParliamentNT

Date

2022-11-23

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

Publisher name

Legislative Assembly of the Northern Territory

Place of publication

Darwin

File type

application/pdf

Use

Copyright

Copyright owner

Legislative Assembly of the Northern Territory

License

https://www.legislation.gov.au/Details/C2019C00042

Parent handle

https://hdl.handle.net/10070/893266

Citation address

https://hdl.handle.net/10070/893267

Page content

Annual Report 2021-2022 109 Page 58 of 60 Power and Water Corporation Notes to the financial statements for the year ended 30 June 2022 June 2022 June 2021 June 2022 June 2021 $'000 $'000 $'000 $'000 28 Commitments (i) Capital expenditure commitments Contracted but not provided for and payable within one year: 62,380 41,240 33,231 20,474 (i) Purchase expenditure commitments (non-cancellable) Contracted but not provided for: Repairs and maintenance 12,881 2,755 6,989 1,645 (ii) Purchase expenditure commitments (non-cancellable) Contracted but not provided for: Gas purchase 2,760,191 2,764,814 2,760,191 2,764,814 Gas transportation 680,400 720,328 680,400 720,328 3,440,591 3,485,142 3,440,591 3,485,142 Payable: Within one year 338,478 282,867 303,437 260,992 One year or later and no later than five years 1,332,617 1,248,889 1,332,617 1,248,889 Later than five years 1,844,757 1,997,381 1,844,757 1,997,381 3,515,852 3,529,137 3,480,811 3,507,262 RReemmuunneerraattiioonn ccoommmmiittmmeennttss Within one year 29,098 35,692 29,098 35,692 After one year but not more than five years 23,266 21,333 23,266 21,333 52,364 57,025 52,364 57,025 29 Contingent liabilities and contingent assets There are no other contingent liabilities or assets for the year ended 30 June 2022. The Corporation received one Show Cause Letter during the financial year. A formal response was provided, however no formal determination has been received. The possibility is remote but depending on the determination, the Corporation may be responsible for further rectification and remediation works in relation to this event. However, the ultimate outcome and cost cannot be determined with an acceptable degree of reliability at this time. Depending on notification from a third party, the Corporation may be responsible for decommissioning and removal of a gas pipeline and Tie-In on the expiration of a Gas Sales Agreement. The ultimate outcome and cost cannot be determined with an acceptable degree of reliability for this reporting period. As reported in the previous financial year, the Corporation has identified serveral sites where the risk of existing contamination is high. These sites are being assessed to determine the existence and extent of contamination. The assessment provides the extent of work and the related costs necessary to remediate the sites. The extent of contamination and cost of remediation of the sites cannot yet be reliably estimated. Consolidated Corporation (i) The consolidated entity has non-cancellable purchase and hire expenditure contracts expiring between 1 to 25 years from the date of the contract. These contracts generally provide the consolidated entity with a right of renewal at which time all terms are renegotiated. (ii) Gas purchase commitments include take-or-pay obligations under a 25-year gas purchase agreement with Eni Australia B.V., the first supply of which commenced in the 2009-10 financial year. Commitments for the payment of salaries and other remuneration under long-term employment contracts in existence at the reporting date but not recognised as liabilities payable:


Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.

We use temporary cookies on this site to provide functionality.
By continuing to use this site without changing your settings, you consent to our use of cookies.